Online Reporter
Nelson Gahadza
ZIMBABWE’S platinum producers are well positioned to capitalise on the recent surge in global platinum prices, which have increased by almost 60 percent since April 2025, analysts have said.
As of November 2025, the spot platinum price hovered around US$1 606 per troy ounce, with year-to-date gains of over 60 percent after range trading of between US$600 and US$1 250 per troy ounce in 2024.
The price hike is expected to have a positive impact on Zimbabwe’s platinum miners, who are poised to reap benefits from the increased demand for the precious metal.
According to analysts, the platinum price is expected to remain bullish in the fourth quarter of 2025, driven by tight supply and steady demand from the automotive and jewellery sectors.
“We expect platinum prices to stay bullish in the fourth quarter of 2025, supported by ongoing market deficits driven by tight supply and steady, if not increasing, demand,” reads part of the latest economic research report by Maxiwuantus Capital Investments and Advisory.
“Local miners are acting on the recovery, and Zimplats has resumed execution of a US$1,8 billion expansion, boosting smelting and refining capacity. Additionally, the company has invested in a fleet upgrade to increase production.”
The report further asserts that Mimosa continues steady, high-grade production, while Karo Platinum, under Tharisa PLC, is advancing a low-cost open-pit operation, and Darwendale (Kuvimba Mining House) has been restructured into a leaner, more efficient model.
“These developments highlight Zimbabwe’s emergence as a quiet disruptor in the regional platinum market,” reads the report.
Global industries are increasingly relying on hydrogen technologies, fuel cells and cleaner automotive catalysts, driving renewed demand for platinum and underscoring the metal’s role as a key component in the green energy transition.
Analysts have significantly raised their 2026 price forecasts for both platinum and palladium, driven by tight mine supply and shifting demand. They expect platinum to average about US$1 550 per troy ounce in 2026, up from previous estimates.
The Chamber of Mines of Zimbabwe, in its Q3 2025 quarterly members’ brief, said commodity markets regained momentum, and during the quarter under review, prices across major commodity markets remained broadly resilient, reflecting improved market fundamentals and renewed investor confidence.
“Platinum emerged as the standout performer in the metals market, extending its second-quarter rally to reach a decade high, with spot prices rising to approximately US$1 640 per troy ounce by the end of September 2025,” reads the chamber’s report.
“The rally was supported by persistent supply constraints and the substitution effect as manufacturers substituted platinum for gold.”
The chamber added that the surge in gold and platinum prices bolstered Zimbabwe’s foreign currency earnings as foreign currency receipts increased to US$10,3 billion during the first eight months of 2025. This represents a 30 percent increase from the US$8,5 billion recorded over the same period in 2024.
“This growth was largely driven by strong performances in the gold and platinum group metals (PGMs) sectors,” reads part of the quarterly report.
Analyst Mr Walter Mapfumo said the platinum sector’s growth will boost Zimbabwe’s foreign currency earnings, contributing to economic growth and development.
“Platinum’s resurgence is driven by growing demand from traditional and emerging green technologies, including hydrogen fuel cells and cleaner automotive catalysts; therefore, this will support our local PGM miners’ recovery and expansion plans,” he said.
Mr Mapfumo added that in Zimbabwe, the PGM sector played a more critical economic role, and the mines — Unki, Zimplats and Mimosa — formed the backbone of the sector.
However, Unki Platinum Mine, which is Zimbabwe’s third-largest PGM producer, now operating under the Valterra Platinum portfolio following Anglo American’s strategic restructuring, recorded an 8 percent production decline in the third-quarter to September 2025. The figure stood at 57 500 ounces, down from 62 200 ounces during the same period last year, according to the latest production update.
Unki’s reduced output was largely anticipated and stemmed from lower head grades in the current mining areas.
Valterra chief executive officer Mr Craig Miller said the PGM price rally reflected a confluence of bullish macro, micro and sectoral drivers, including a weaker United States dollar, robust precious metals investment amid rising inflationary fears and heightened geopolitical tensions, buoyant Chinese demand and concerns over metal availability in key trading centres.
He said the global PGM market continued to adjust from the sharp downturn experienced in 2024, and that platinum had shown signs of resilience, buoyed by increased substitution in auto catalysts in markets such as China and India, where internal combustion engine vehicles remain a significant share of new car sales.
“The recovery remains uneven, but it has provided some relief, particularly for producers like Unki that have been managing for stability rather than aggressive expansion,” he said.
Zimbabwe’s mining sector is highly diversified, with close to 40 different minerals.
“The country boasts the second-largest platinum deposit and high-grade chromium ores in the world, with approximately 2,8 billion tonnes of PGM reserves.
